Downtown Development Revolving Fund To help facilitate investment in their downtowns, several cities around the country have created successful development revolving funds oriented toward supporting redevelopment of historic buildings and encouraging appropriate infill construction in commercial districts. These funds come primarily as loans (although some are made in the form of grants). Borrowers must demonstrate that their project meets financial, design, and social requirements in order to qualify. Creating affordable housing and supporting locally owned businesses can be encouraged, often in partnership with housing finance agencies or other programs. Financing can be made available to for-profit and non-profit property owners, as well as commercial tenants. The City should consider the benefits of establishing a similar fund for use in the downtown and waterfront as a means to leverage private investment as well as build in mechanisms to ensure that appropriate design and materials standards are met for downtown historic districts.
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Diversity is Key
Take it to the Streets
Burlington’s downtown offers a diversity of uses and services that attract and support a very wide range of needs and interests. It is essential to have a balance of the residential, commercial, and social services that are necessary to sustain our downtown’s economic vitality. While the creative economy is emerging as a dominating force, it doesn’t mean that we neglect other opportunities. Diversity is what makes for a healthy local economy, with a mix of large and small businesses, local and national companies, and service, professional, retail, and manufacturing sectors. Each business helps to support another, adding to the diversity of the employment and customer base of our community, making us more resilient to economic shifts over the long term. Historically our economic strength has been vested in financial services, “eds and meds” and tourism. What the downtown and waterfront need is more usable space, with increased opportunities for new retail and hospitality at the street level combined with office and residential uses on upper floors. Efforts that support and encourage all of the economic drivers in our downtown, as well as elsewhere in the city and region, are necessary in order to build and sustain a vibrant local economic base.
Burlington is most known for its vibrant shopping, dining, and entertainment as well as its beautiful setting on Lake Champlain. Much of this activity occurs on and around the Church Street Marketplace. Why? Because there is a critical mass of active uses at the street level, which attract and engage pedestrians. In addition, the storefronts and streetscape are attractive, well-lit, kept clean, and
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free of snow and ice. This energy and atmosphere should be expanded to the side streets surrounding the Marketplace and extended all the way to the waterfront. New infill, redevelopment, and adaptive reuse throughout the downtown must prioritize creating an active and inviting pedestrian environment. This includes public investments in clean and wider sidewalks, pedestrian-scale lighting, benches and public art, street trees and flowers, street musicians and outdoor cafes (see also the previous articles on “What Works” and “Urban is Back”). While focusing on creating an active pedestrian environment has obvious benefits for retail and hospitality businesses, it also creates an environment that is very attractive for many other types of businesses who want to be where the action is not only to support their own bottomline but as a way to attract and retain high quality employees.